Tech young turks raise R20m for innovative tenant reward app
A new mobile app is set to revolutionise rental activity by rating landlords and rewarding good tenant behaviour
Property tech startup, Flow, has raised R20m in SA’s biggest seed investment for the new industry to date.
Flow offers a mobile app which operates a platform designed to serve the needs of tenants and landlords.
The three founders, Gil Sperling, Daniel Levy and Jonathan Liebmann say the first goal of the application is designed to reward tenants for good behaviour.
Tenants can sign up to the app and receive rewards for positive behaviour, including paying rent on time and keeping rented property neat and tidy.
Of the total amount of seed capital raised, R10m was from an American venture capital investor and R10m was raised from South African tech fund, Kalon Venture Partners.
Sperling and Levy ran Popimedia, one of SA’s most successful ad-tech companies, which partnered with brands in performance marketing and optimising digital advertising spend on social media platforms. It was sold to French multinational Publicis Groupe in 2015.
Popimedia is the largest buyer of Facebook media inventory in Africa.
Liebmann founded Maboneng, an inner city district in Johannesburg. His company Propertuity managed the district for a few years but it ran into trouble recently and was bailed out by RMH. He has developed a few property ideas since, including Flow.
Sperling said Flow would improve the relationship between landlord and tenant.
“The app will enable landlords and tenants to communicate and to rate one another. A tenant will get rewarded for paying their rent on time in the form of a rebate,” said Sperling.
“We have also created vouchers for good tenant behaviour. Tenants can also buy household goods online. So, essentially, Flow is a platform which digitises living at home. It ultimately makes the cost of living cheaper.”
Liebmann said he wanted to get numerous tenants to use Flow, which would attract institutional owners of residential property including the likes of Indluplace Properties and Octodec Investments.